Registration number:
Solar Capture Technologies Limited
Filleted
for the
Year Ended 31 December 2020
Solar Capture Technologies Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Solar Capture Technologies Limited
Company Information
Director |
S Caseley |
Registered office |
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Bankers |
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Accountants |
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Solar Capture Technologies Limited
(Registration number: 07893854)
Statement of Financial Position as at 31 December 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Total equity |
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Solar Capture Technologies Limited
(Registration number: 07893854)
Statement of Financial Position as at 31 December 2020 (continued)
For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Solar Capture Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are prepared in sterling which is the functional currency of the entity.
Going concern
At the statement of financial position date the company had net liabilities of £621,743. Hence, the financial statements have been prepared on a going concern basis which assumes that the company will be in operational existence for the foreseeable future.
The company meets its day to day working capital requirements through cash generated from operations, shareholder and external funding. As COVID-19 continues to impact the population, the director will adhere to government guidance and will regularly review the needs of all of stakeholders.
On the basis of their assessment of the company's financial position and following a review of future trading and funding available, the director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
If the use of the going concern basis proved to be invalid, the financial statements would have to be prepared on a break up basis in which the statement of financial position would be restated to include all assets at estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing to trade.
Solar Capture Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
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Plant and machinery |
20% straight line |
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Computer equipment |
33% straight line |
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Land and buildings |
Not yet depreciated |
Solar Capture Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Research and development costs
Expenditure on research is written off against profits in the year in which it is incurred. Development expenditure is capitalised and amortised over its useful life.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Solar Capture Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Land and buildings |
Plant and machinery |
Computer equipment |
Total |
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Cost or valuation |
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At 1 January 2020 |
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Additions |
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At 31 December 2020 |
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Depreciation |
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At 1 January 2020 |
- |
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Charge for the year |
- |
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At 31 December 2020 |
- |
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Carrying amount |
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At 31 December 2020 |
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At 31 December 2019 |
- |
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Stocks |
2020 |
2019 |
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Work in progress |
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Other inventories |
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Solar Capture Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Corporation tax asset |
91,958 |
109,208 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Bank loans and overdrafts |
- |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Directors loan accounts |
330,141 |
242,449 |
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Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Solar Capture Technologies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020 (continued)
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank overdrafts |
- |
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2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Transactions with directors |
2020 |
At 1 January 2020 |
Advances to directors |
Repayments by director |
At 31 December 2020 |
S Caseley |
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Director's loan account |
(242,449) |
( |
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( |
2019 |
At 1 January 2019 |
Advances to directors |
Repayments by director |
At 31 December 2019 |
S Caseley |
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Director's loan account |
(139,097) |
( |
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( |